According to a new market research study titled ‘Smart Parking System Market to 2025 – Global Analysis and Forecast by parking site (On-street & Off-street, components (Hardware, Software & Services) and end-user industry (Commercial Institute, Industrial Institute, Government & Municipality and Corporate Institutes)’, the global smart parking systems market was valued at US$ 220.0 Mn in 2015 and is estimated to reach US$ 1099.4 Mn by 2025. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.

Globally it has been realized that drivers spend an average of nearly 20 minutes/trip in search of a parking space. The current parking infrastructure does not satiate the ever growing demand for efficient parking. Today, the available parking spaces worldwide can handle only one-third of the parking needed. The same is true for several highly populated regions worldwide. Combining both on-street as well as off-street parking as well prove to be insufficient to cater the rising parking demands.

The Smart parking systems market is categorized into parking site, components, end-user industry and regions. The parking site segment comprises of off-site parking and on-site parking, where the off-street parking sites are predicted to capture the majority of market, due to increasing adoption of smart parking systems in commercial and corporate infrastructure. Smart parking systems comprises of three main components which are; Hardware, software and services the hardware components are anticipated to lead the components market during the forecast period. The end-user industry is fragmented into transport facilities, government and municipalities, commercial institutions and corporate institutions. The government and municipalities sectors is predicted to generate massive opportunities for the smart parking systems market. On the basis of geographies the regional market is distributed into Europe, North America, South America, Middle East & Africa and Asia Pacific.

There are number of countries within the Asia Pacific, MEA and South America that are coming up with smart city initiatives. A smart city is also a concept based upon IoT to make cities smarter by providing smarter solution for a sustainable future growth. For instance, in 2015, the Government of India launched the Smart Cities Mission, which stated development of 100 smart cities under the government’s supervision. Similar urban renewal and retrofitting programs have been launched globally to develop smart cities and to make them citizen friendly and sustainable. The government will be collaborating with state governments to implement the program.

The online/mobile applications being developed to access smart parking systems have become more customer oriented over the period. The mobile applications that are developed today are programmed considering the various breeds of customers using them. Almost every person on this globe is in need of a parking space at some point of its life, thus, the companies are also racing in terms of developing user friendly and accurate applications. Huge amounts of databases is required in this process, these databases are then managed by various analytical solutions. This adds cost to the service, but on a large scale this cost can be reduced, thus providing better services at a cheaper rate. Moreover, the hardware components market would soon foresee a steady growth in its demand and need for software application would subsequently increase, demanding highly efficient and user-friendly software solutions.

About The Insight Partners:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, and Telecommunication industries.